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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 10. Finance and Financial Institutions |
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Agency 5. State Corporation Commission |
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Chapter 210. Motor Vehicle Title Lending |
Section 100. Enforcement; civil penalties
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A. Failure to comply with any provision of the Act or this chapter may result in civil penalties, license suspension, license revocation, the entry of a cease and desist order, or other appropriate enforcement action.
B. Pursuant to § 6.2-2222 of the Code of Virginia, a licensee shall be subject to a separate civil penalty of up to $1,000 for every violation of the Act, this chapter, or other law or regulation applicable to the conduct of the licensee's business. If a licensee violates any provision of the Act, this chapter, or other law or regulation applicable to the conduct of the licensee's business in connection with multiple loans or borrowers, the licensee shall be subject to a separate civil penalty for each loan or borrower. For example, if a licensee makes five loans and the licensee violates two provisions of this chapter that are applicable to the five loans, the licensee shall be subject to a maximum civil penalty of $10,000.
Historical Notes
Derived from Volume 27, Issue 03, eff. October 1, 2010.